What is the FHSA?

Why should I consider opening an FHSA?

Your FHSA contributions can reduce your taxable income.

Any investment income in your FHSA is non-taxable while it’s in your account.

Pay no taxes on your withdrawals when you use your FHSA towards the purchase of a qualifying home. 

Who is eligible to open an FHSA?

How do I qualify to open an FHSA?

How can I withdraw my FHSA savings tax-free? 


How much can I contribute and withdraw from the FHSA?

$8,000 annual contribution limit

Your annual limit includes any transfers you make from an RRSP. You can carry forward unused portions of your annual contribution limit in any year up to a maximum of $8,000. 

$40,000 lifetime contribution limit

You must use your FHSA contributions within 15 years of opening the account, or by the time you turn 71 years old, whichever is sooner. After that time, you can transfer savings into an RRSP or RRIF or make a taxable withdrawal. 

No limit for qualifying withdrawals

If you qualify to use your savings towards the purchase of a qualifying home, you can withdraw amounts from your FHSA, tax-free. 

How does the FHSA compare to other registered plans?

Show registered plan comparison

What is a registered plan?

A type of savings plan that allows you to hold and invest money on a tax-free or tax-deferred basis. These plans are like buckets for different types of savings and can hold various investment products like mutual funds or GICs. Examples include an RRSP, TFSA and now the FHSA.

Your FHSA questions answered